Beijing bureau strengthens financial ties with UAE

Belt and Road InitiativeA bureau representing Beijing’s equivalent of Wall Street has vowed to collaborate with a financial centre in Abu Dhabi as part of the Belt and Road initiative. The Beijing Financial Street Services Bureau signed the agreement with the Abu Dhabi Global Market (ADGM), a financial free zone in the UAE. “By strengthening its collaboration with the Chinese government and relevant enterprises, ADGM is able to better cater to the investment and financing needs of the China market and serve as the ‘Belt and Road’ centre for the Middle East and Africa region,” said a statement from the Abu Dhabi zone. The two entities promised to collaborate on Belt and Road investment and financing projects as well as share research to aid the development of financial centres in each jurisdiction. Representatives from institutions including the People's Bank of China and the China Securities Regulatory Commission witnessed the signing of the agreement in Beijing. ©2018 funds global asia

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